Home prices climb in July, Victoria and Toronto leading the way

CALGARY – Strong price growth in some of Canada’s hottest housing markets helped lead to a two per cent national price increase in July, according to the latest Teranet-National Bank National Composite House Price Index.

The index, which measures the price changes on repeat single-family home sales, showed the second-highest July jump in its 17-year history.

Victoria led with a 3.8 per cent increase from a month earlier, while Toronto’s 3.1 per cent increase was the 14th rise in 15 months, and Vancouver’s 2.3 per cent increase was the 18th consecutive month of gains. Hamilton set a fifth month of record prices with a 2.4 per cent gain.

The energy downturn in Alberta had a limited effect on home prices, with Edmonton prices flat and Calgary down 0.1 per cent, while in Eastern Canada, Halifax saw a 0.4 drop and Quebec City a 1.6 per cent loss.